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Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Instrument [Line Items]  
Summary of Mortgage Notes Payable Activity

The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2023 (amounts in thousands):

 

 

 

Mortgage notes
payable, net as of
December 31, 2022

 

 

Proceeds

 

 

Lump sum
payoffs

 

 

Scheduled
principal
repayments

 

 

Amortization
of premiums/
discounts

 

 

Amortization
of deferred
financing
costs, net (1)

 

 

Mortgage notes
payable, net as of
March 31, 2023

 

Fixed Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured – Conventional

 

$

1,608,838

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

230

 

 

$

1,609,068

 

Floating Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured – Conventional

 

 

108,378

 

 

 

14,090

 

(2)

 

—

 

 

 

(40

)

 

 

—

 

 

 

184

 

 

 

122,612

 

Secured – Tax Exempt

 

 

236,222

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

306

 

 

 

35

 

 

 

236,563

 

Floating Rate Debt

 

 

344,600

 

 

 

14,090

 

 

 

—

 

 

 

(40

)

 

 

306

 

 

 

219

 

 

 

359,175

 

Total

 

$

1,953,438

 

 

$

14,090

 

 

$

—

 

 

$

(40

)

 

$

306

 

 

$

449

 

 

$

1,968,243

 

 

(1)
Represents amortization of deferred financing costs, net of debt financing costs.
(2)
See Note 6 for additional discussion of the variable rate construction mortgage debt.
Summary of Notes Activity

The following table summarizes the Company’s notes activity for the quarter ended March 31, 2023 (amounts in thousands):

 

 

 

Notes, net as of
December 31, 2022

 

 

Proceeds

 

 

Lump sum
payoffs

 

 

Amortization
of premiums/
discounts

 

 

Amortization
of deferred
financing
costs, net (1)

 

 

Notes, net as of
March 31, 2023

 

Fixed Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured – Public

 

$

5,342,329

 

 

$

—

 

 

$

—

 

 

$

562

 

 

$

960

 

 

$

5,343,851

 

 

(1)
Represents amortization of deferred financing costs, net of debt financing costs.
Schedule of Unsecured Revolving Credit Facility The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2023 (amounts in thousands):

 

 

March 31, 2023

 

Unsecured revolving credit facility commitment

 

$

2,500,000

 

Commercial paper balance outstanding

 

 

—

 

Unsecured revolving credit facility balance outstanding

 

 

—

 

Other restricted amounts

 

 

(3,484

)

Unsecured revolving credit facility availability

 

$

2,496,516

 
Mortgages [Member]  
Debt Instrument [Line Items]  
Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2023:

 

 

 

March 31, 2023

Interest Rate Ranges

 

0.10% - 7.58%

Weighted Average Interest Rate

 

3.82%

Maturity Date Ranges

 

2023-2061
Notes [Member]  
Debt Instrument [Line Items]  
Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2023:

 

 

 

March 31, 2023

Interest Rate Ranges

 

1.85% - 7.57%

Weighted Average Interest Rate

 

3.56%

Maturity Date Ranges

 

2025-2047
Commercial Paper [Member]  
Debt Instrument [Line Items]  
Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain weighted average interest rate and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2023:

 

 

 

March 31, 2023

Weighted Average Interest Rate (1)

 

4.70%

Weighted Average Amount Outstanding

 

$109.0 million

 

(1)
The notes bear interest at various floating rates.